The quickest growth pace in nearly two years reported by the Commerce Department on Wednesday, however, likely exaggerated the health of the economy last quarter. Nevertheless, the mixed report was another reminder that the economy continued to grow despite fears of a recession that have persisted since late 2022.

US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.

Non-residential fixed investment, or business spending, was revised up to a growth rate of 1.3 per cent in the third quarter from a decline of 0.1 per cent. Residential investment, which generally reflects conditions in the housing market, was revised much higher, to 6.2 per cent from 3.9 per cent.